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    Max Michaelis

    Research Analyst at Lake Street Capital Markets

    Max Michaelis is an Equity Research Analyst at Lake Street Capital Markets, focusing on emerging technology and industrial innovation. He provides coverage on companies such as Ondas Holdings, Transcat, and Knightscope, offering in-depth research that supports institutional investment decisions and has recently issued buy ratings and updated target prices on these firms. Michaelis's career at Lake Street has included identifying dynamic opportunities within growth sectors, with a reputation for fundamental analysis and differentiated ideas, though third-party performance rankings or quantitative track records are not publicly disclosed. His professional credentials and securities licenses are not published online, but his firm’s research team is described as consisting of seasoned analysts with substantial industry knowledge and capital markets expertise.

    Max Michaelis's questions to Ondas Holdings (ONDS) leadership

    Max Michaelis's questions to Ondas Holdings (ONDS) leadership • Q2 2025

    Question

    Max Michaelis of Lake Street Capital Markets inquired if the 2026 revenue target for OAS is organic, sought more details on the Kestrel system win with a U.S. public safety agency, and asked about engagement with other U.S. police departments.

    Answer

    Chairman, President & CEO Eric Brock confirmed the $40 million 2026 revenue outlook for OAS is entirely organic and that any acquisitions would be accretive. He described the Kestrel win as a first order for an airspace awareness tool that could lead to broader engagement. Regarding other police departments, Brock noted intense nationwide interest in counter-drone technology but emphasized the importance of the evolving regulatory landscape before naming specific engagements.

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    Max Michaelis's questions to Expensify (EXFY) leadership

    Max Michaelis's questions to Expensify (EXFY) leadership • Q2 2025

    Question

    Max Michaelis from Lake Street Capital Markets asked for data on new customer additions attributable to the F1 movie, inquired about other marketing initiatives planned to drive growth, and requested more color on the performance of Expensify Travel.

    Answer

    CFO Ryan Schaffer stated that it was too early to share F1-related customer data but confirmed more marketing initiatives are planned to leverage the increased brand awareness. He also highlighted that Expensify Travel is seeing accelerating growth and strong customer enthusiasm. CEO David Barrett added that the company has a 'war chest' and is willing to make further 'big swings' on strategic initiatives.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership

    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets, LLC asked about the historical growth rate of the newly acquired ESCO Calibration. He also sought clarification on the forecast for a return to high single-digit organic revenue growth in the second half of fiscal 2026, specifically asking what this implies for the performance of the Transcat Solutions business.

    Answer

    President & CEO Lee Rudow characterized ESCO's historical growth as being similar to Transcat's, describing it as consistent and driven by ongoing investments in capabilities, sales, marketing, and personnel. Regarding the second-half outlook, Rudow explained that the forecast for high single-digit organic growth implies a stabilization of the Transcat Solutions business. He emphasized that Solutions is an important differentiator that enhances the company's value proposition, and achieving stability in that area is a key goal and a contributing factor to the overall growth projection, alongside strong quoting activity and win rates.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets, LLC inquired about the historical growth rate of the newly acquired ESCO Calibration. He also asked what the expectation for a return to high single-digit organic growth in the second half implies for the Transcat Solutions business.

    Answer

    President and CEO Lee Rudow characterized ESCO's historical growth as being similar to Transcat's, driven by consistent investment in people, sales, and capabilities. Regarding the second-half outlook, Rudow explained that the forecast for returning to high single-digit organic growth implies a stabilization of the Transcat Solutions business, which is a key differentiator and a contributing factor alongside strong quoting activity and win rates.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets asked about the historical growth rate of the newly acquired ESCO Calibration. He also sought clarification on what the forecast for a return to high single-digit organic revenue growth in the second half of fiscal 2026 implies for the performance of the Transcat Solutions business.

    Answer

    President & CEO Lee Rudow characterized ESCO's historical growth as being similar to Transcat's, driven by consistent investment in capabilities, sales, marketing, and people. Regarding the second-half outlook, Rudow explained that the forecast for high single-digit growth implies a stabilization in the Transcat Solutions business. He noted that this stabilization, combined with current quoting activity and win rates, are contributing factors to the positive outlook.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis asked about the historical growth rate of the newly acquired ESCO Calibration. He also sought clarification on the forecast for a return to high single-digit organic revenue growth in the second half of fiscal 2026, specifically questioning what this implies for the performance of the Transcat Solutions business.

    Answer

    CEO Lee Rudow characterized ESCO's historical growth as being similar to Transcat's, noting it has been consistent over many years due to their investments in capabilities, sales, marketing, and people. Regarding the second-half outlook, Rudow explained that the projection for high single-digit organic growth implies a stabilization of the Transcat Solutions business. He stated that achieving this stabilization was a key goal for the year and is a contributing factor to the growth forecast, along with strong quoting activity and win rates.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets, LLC asked about the historical growth rate of the newly acquired ESCO Calibration. He also questioned what the projection for a return to high single-digit organic revenue growth in the latter half of fiscal 2026 implies for the performance of the Transcat Solutions business.

    Answer

    President and CEO Lee Rudow characterized ESCO's historical growth as consistent and similar to Transcat's, driven by sustained investment in capabilities and personnel. Regarding the organic growth forecast, Rudow explained that it implies a stabilization of the Transcat Solutions business, which is a key goal for the year. He noted this stabilization, combined with strong quoting activity and win rates, supports the outlook for a return to high single-digit growth.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets asked about the historical growth profile of the newly acquired ESCO Calibration. He also sought clarity on the fiscal 2026 outlook, specifically what the forecast for high single-digit organic revenue growth implies for the performance of the Transcat Solutions business.

    Answer

    CEO Lee Rudow described ESCO's historical growth as consistent and similar to Transcat's, driven by sustained investment in capabilities and personnel. Regarding the outlook, Rudow explained that the projection for a return to high single-digit organic growth in the second half of the fiscal year incorporates an expected stabilization in the Transcat Solutions business, which remains an important differentiator for the company.

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    Max Michaelis's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets inquired about the historical growth rate of the newly acquired ESCO Calibration. He also asked for clarification on the fiscal 2026 outlook, specifically how the Transcat Solutions business factors into the forecast for a return to high single-digit organic revenue growth.

    Answer

    President & CEO Lee Rudow described ESCO's historical growth as consistent and similar to Transcat's, driven by steady investment in capabilities and personnel. He explained that the forecast for high single-digit organic growth in the second half of the year assumes a stabilization of the Transcat Solutions business, which is a key differentiator and a contributing factor to the positive outlook.

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    Max Michaelis's questions to AMERICAN PUBLIC EDUCATION (APEI) leadership

    Max Michaelis's questions to AMERICAN PUBLIC EDUCATION (APEI) leadership • Q2 2025

    Question

    Max Michaelis of Lake Street Capital Markets asked about future growth plans for Rasmussen, including new programs and campus expansions, following the removal of a Department of Education restriction. He also inquired about Q2 NCLEX score trends and the company's capital allocation priorities, including stock repurchases.

    Answer

    CEO Angela Selden stated that a multi-year view of campus and program strategy will be detailed at the November 20th Investor Day. She noted that Q2 NCLEX results are still pending from some states but are pacing as expected. CFO Richard Sunderland ranked investment priorities as: 1) organic growth initiatives, 2) tuck-in acquisitions, 3) maintaining regulatory cash levels, and lastly, 4) stock repurchases or dividends. He confirmed no shares were repurchased in Q2.

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    Max Michaelis's questions to Pure Storage (PSTG) leadership

    Max Michaelis's questions to Pure Storage (PSTG) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets asked whether future hyperscaler wins would necessitate a similarly substantial investment or if there would be opportunities for leverage and savings.

    Answer

    CEO Charles Giancarlo confirmed that he expects to see significant leverage in design and investment for subsequent hyperscaler engagements. He explained that fundamental capabilities developed for the first partner are reusable, and future work would be a fraction of the initial effort, focusing on areas like management integration. He cited the expensive process of qualifying flash suppliers as a one-time investment that will benefit future deals.

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